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Elliott, Pimco Said to Be Among Bidders for Banco BPM Bad Loans

(Bloomberg) -- Italy’s Banco BPM SpA has received at least six bids for some or all of a bad-loan package, according to people familiar with the matter.

Investors can bid for blocks of the 10 billion-euro ($11.7 billion) portfolio, starting at 3.5 billion euros, being offered along with the unit that administers the loans, said the people, asking not to be identified because it’s private.

Elliott Capital Advisors, Pacific Investment Management Co. and Cerberus Capital Management all made qualified bids for at least part of the package, the people said. Christofferson, Robb & Co., Fortress Investment Group and Varde Investment Partners also made offers, the people said. After submitting qualified offers the investors are able to complete due diligence on the portfolio, which comprises as many as 30,000 separate loans.

Representatives for all the funds and a spokesman for Banco BPM declined to comment.